Chicago, June 27, 2022 (GLOBE NEWSWIRE) -- According to MarketsandMarkets™ recent research report, the Fuel Additives Market size is estimated to be USD 6.0 billion in 2021 and is expected to reach USD 7.1 billion by 2026, at a CAGR of 3.4% during the forecast period. Fuel additives are chemicals that are used to improve the efficiency of fuel. These additives help fuels in meeting emission control standards and improve engine or vehicle performance. Apart from these functions, fuel additives also help in the reduction of corrosion and enhance combustion in various applications in the commercial, automotive, industrial, and aerospace sectors.
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Based on type, the fuel additives market is segmented as deposit control additives, cetane improvers, lubricity improvers, cold flow improvers, stability improvers, octane improvers, corrosion inhibitors, anti-icing fuel additives, dyes & markers and others. Deposit control additives are estimated to have a larger share in the fuel additives market followed by the cetane improvers. Lubricity improvers are the fastest leading type of fuel additives. Lubricity improver fuel additives are added to improve the lubricity of hydro-treated diesel fuels. These additives contain a polar group that is attracted to metal surfaces, which helps to form a thin surface film. The film acts as a boundary lubricant when two metal surfaces come in contact. Most ULSD fuels contain a lubricity additive that is used to meet the various lubricity specifications.
Based on application, the fuel additives market has majorly been segmented into diesel, gasoline, aviation fuels and others. The fuel additives market size for diesel applications accounted for the largest share of global fuel additives, in terms of value, in 2020. The market for diesel fuel additives has been driven by the developing economies of APAC. North America and Europe are now embarking on the use of ULSD, which has higher dosing of additives than normal diesel.
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On the basis of region, APAC is estimated to be the largest market for fuel additives in 2020. APAC accounted for the largest share of 31.5%, in terms of volume, of the global fuel additives market in 2020. The fuel additives market in APAC is also projected to register the highest CAGR, in terms of volume, during the forecast period. The rising awareness regarding the advantages of fuel additives plays a key role in the growth of fuel additives market in the region. The increasing emission norms in the developing nations, including China and India, are expected to further drive the fuel additives demand during the forecast period.
The key market players profiled in the report include Afton Chemical Corporation (US), The Lubrizol Corporation (US), Innospec Inc. (US), BASF SE (Germany), Evonik Industries AG (Germany), LANXESS AG, Chevron Oronite Company LLC (US), Dorf Ketal Chemicals (US), Infineum International Limited (UK), Cummins Inc.(US), Total SA (France), Baker Hughes (US), Clariant AG(Switzerland), Croda International PLC (UK), ENI SPA (Italy), Chempoint Solutions Company (US), Solvay S.A.(Belgium), Huntsman Corporation(US), The Dow Chemical Corporation (US), Eastman Chemical Corporation (US), Petroleum Logistics(US), Iftex Oil & Chemicals Ltd.(India), Eastern Petroleum(India), Lucas Oil Products Inc.(US) and Lubricant Engineers (US). They have adopted strategies such as new product launches, mergers & acquisitions, and expansion in order to gain an advantage over their competitors.
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